Wolves chairman retires

Hayward promises more cash

Sir Jack Hayward has retired as chairman and director of Wolves and has been replaced by his son Rick.

The change at the top was announced after a potential buyer failed to materialise at Molineux.

Chairman Sir Jack Hayward revealed in September that he would be prepared to sell the club for nothing.

"No-one made a serious bid so my father felt it best to step down and allow me to search for individual investors," Rick Hayward said.

The 80-year-old has spent more than £60m since taking control and has promised more funds will be available in the January transfer window.

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Wolves' fans will now be hopeful that the younger Hayward, 51, can provide fresh investment in the club.

Hayward junior said: "We have got to find different forms of finance because we don't want to end up like some of the clubs with huge debts and going into administration.

"We have always had my father's cheque-book but that has now ended.

"I think that is a good thing. I think we must stand on our own two feet and I know we can do it."

Hayward Sr added: "I feel like a hell of a weight has been lifted off my shoulders."

Rick also paid tribute to his father's contribution.

"My father has invested a fantastic amount of time, money and emotion over the years to get Wolves into the Premiership.

"After seeing his dream come true last May he has decided to hand the club on."